Remember when I made this post?
@ssjsasha/i-lost-everything-3kn
Long story short
An exchange token built on Pulsechain had a staking contract that got drained, stakers had their locked coins stolen, which were dumped on the market
Well, we got the coins back
long story short
This 9mm token has a 100,000,000 token supply and a 12 month launch phase so 100 million / 12 of the tokens issued per month issued to users and certain holders. Basically a fair launch for the community
It was a couple of months in.
9mm is an exchange on pulsechain, a good exchange, that has single sided liquidity, plenty of liquidity and earning a lot of fees
The idea is, half of those fees earned will go to 9mm stakers, and the other half of the fees will buy and burn 9mm off the market, which will deflate the currency since there will only ever be 100,000,000 coins
The exchange earns a lot of fees, see for yourself
Those fees, of almost $8,000 for the past 24 hours, is only on v3 on pls.
9mm is a multi chain exchange, but the 9mm token is a PRC20 on pulsechain (PRC20 is the pulsechain version of ethereum’s ERC20)
So the idea is stakers earn from those fees
Unfortunately, the staking contract got exploited, and someone drained around 24,000,000 9mm and market dumped it
The hackers did this at the worst possible time, they could have gotten away with so much money, but they only managed to get away with $60,000 worth of DAI that they bridged out of pulsechain back to ethereum and haven’t touched it since…
So, what happened after?
A decision was made that instead of continuing this monthly launch phase, they will take around 24,000,000 9mm from the pool of coins that were waiting to get distributed, and just give it back to the victims.
Also the balance, will be distributed all at once instead of taking over 6 months to distributed.
So, as of today, the launch phase if finished. Before, if you provided LP or did buys or sells, you would get airdropped some 9mm as part of the distribution phase.
But all tokens are out now, there will be no more sell pressure from the airdrop receivers
Moving forward, we are waiting to see the final details but looks like instead of staking, the founders will track the chain and issue the rewards to holders
That way you can keep your coins in your wallet and earn instead of risk of “trying again” with the staking contract
Doing things without worrying about custody of tokens makes a big difference in confidence
The worry of losing your coins doesn’t exist anymore
The fact that they figured out how to not only give all the victims their money back but we are on track to do way better than we were before the hack… a blessing in disguise?
So when the final distribution happened, there was a big dump to under a penny, now we are over 2.5 cents and moving up as more and more people are getting bullish
Btw, this is not advice, this is just sharing reality
I am wondering if I should talk more about projects like this and put it behind a “subscriber only” “paywall” haha maybe will try it out soon